- The scheme is to support Queensland businesses and non-profit organisations affected by COVID-19
- Loans worth A$500 million have been offered to help retain employees and maintain operations
- $206.4 million in loans have been approved to date
This article has been updated on 22/04/20 to reflect current information available.
The scheme aims to support Queensland businesses and non-profit organisations financially affected by COVID-19 to enable them to retain employees and maintain their operations.
Accountants who are business owners and other financial advisers have also been able to apply for this concessional loan assistance within the scheme guidelines.
In addition, accountants and financial advisers no doubt have had an important role in helping business and non-profit clients collate the relevant financial information and documentation needed to apply.
As at 22 April,1,390 loans totalling $206.4 million have been approved and QRIDA will continue to assess applications (that have already been lodged) until the $500 million funding has been fully exhausted. QRIDA is also actively pursuing client stories from those businesses who have been able to use the loan funding to retain employees and maintain operations. We encourage our members to share their stories with QRIDA via email at firstname.lastname@example.org
Loan applications that have been received up to 1 April will be processed by the end of April. For loan applications received after 1 April will be processed during May.
As a part of the application process, business owners are required to provide information and supporting documentation.
Please see the loan application checklist on the QRIDA website for more details on the type of information and documentation required). QRIDA has noted that 2019 financials may not yet be available for some businesses. In these instances, they are able to accept fully completed profit and loss and trial balance statements generated from the business's financial management software or prepared by a bookkeeper. The information will be validated against the 2018 FY finalised reporting, with a particular focus on the calculation of wages.
Draft 2019 financial statements can also be considered.
For more information
Visit the Jobs Support Loans update and FAQs on the QRIDA website using the links below. Contact QRIDA via email@example.com, or freecall 1800 623 946.